My friends had a house in Vegas in escrow with Zillow. Zillow had offered to buy their house before Covid hit. 5 days before escrow was to close, Zillow suspended all buying activity. My friends got the $1000 earnest money deposit and Zillow offered them the choice of $4000 extra, or Zillow would list the house for them and pay the realtor fees if sold. They chose the money. So the house is now empty and for rent.
state by state, who’s going to get hit the hardest. no surprise here really. states with a high dependency on tourism and retirees at the top of the list.
Seems like small company towns and rural areas will get hit hardest by this Great Recession, and Covid, unless they start to implement social distancing
[quote=The-Shoveler]Starting to see something I last during 2007-2008 just before the crash.
Banks offering higher interest than fed and cash incentives to open accounts (trying too raise cash/deposits).[/quote]
there’s almost no point in putting money in a CD. My CD’s are maturing and they are going from about 2.5% to 0.5% I’m just going to keep it liquid until something better comes along. Money market sweep account earns about 0.5% right now too, lol.
[quote=The-Shoveler]My point was that I think banks are going into cash crunch due to retail (physical stores) not paying rent etc… therefore mortgages not getting paid.[/quote]
Fed will probably stop gap the banks. REITs might be in trouble though.
I hope things get back to normal soon, Not sure how long the fed can continue to fill all the Gaps.
But I have been surprised so far.[/quote]
Meh. Not really in your control, and they can kick the can down the road as long as they want. However, I’m sure if you peel back the noise, there really hasn’t been that much difference to your bottom line. You strike me as someone relatively safe(r) in your investment strategies. This is going to redefine the service industries though. It’s not as much as people aren’t going to have a job to go back to… That might be the case. But I suspect for many, they won’t want to go back to some of those service jobs in the short-mid term. A lot of things will change. Just look at the buying patterns… Seems like urban apartments are falling out of favor. Back to the suburbs…
